Hardware HQ LLC, a partnership formed by Milwaukee-based development firms WiRED Properties and Phelan Development LLC, purchased the National Ace Hardware property in downtown Milwaukee for $2.5 million, according to state records.
Representatives of WiRED Properties and Phelan could not immediately be reached for comment about their plans for the building, located at 1303 N. 4th St., just north of the Park East corridor, where the owners of the Milwaukee Bucks plan to build $400 million of mixed-use development near a proposed new downtown arena.
The National Ace Hardware store is holding a going out of business sale. National Acre Hardware has been in business since 1950 and has been at its current location since 1986, when the owners of the store, Bill and Dave Rotter, purchased the building.
Rotter Investment Realty LLP sold the building to the development group. Kurt Van Dyke and James T. Barry III of DTZ Barry were the listing brokers for the building sale.
The property consists of four buildings with a total of 65,850 square feet of space. Other than a 2,000-square-foot warehouse addition in 1986, the rest of the complex was built between 1892 and 1911.
The property has an assessed value of $1.7 million, according to city records.